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The impact of grandchildren on retirement timing: evidence from SHARE data
Srna, Jan ; Pertold-Gebicka, Barbara (advisor) ; Votápková, Jana (referee)
This thesis examines the role of grandchildren's existence in the retirement timing decision- making process of grandparents. Previous literature has focused mostly on other aspects of retirement and potential causes that can affect its timing. Using the Two-Stage least squares estimation on the SHARE dataset, representing 17 European countries and Israel, we estimate the desired effect with respect to various data limitations (age groups, gender, child existence). Residential proximity is used as the instrument for estimation. Having at least one grandchild yields a statistically significant result that increases on average the likelihood of retirement by 19% when compared to a non-grandparent while holding other factors constant. As a secondary outcome, the estimated effect of an additional child on retirement likelihood is negative. JEL Classification C36, C51, J26 Keywords grandchild, retirement, Instrumental variable, SHARE, IV, wide-ranging data, 2SLS Title The impact of grandchildren on retirement timing: evidence from SHARE data
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The impact of changing exchange rates on Czech companies
Klečka, Michal ; Baxa, Jaromír (advisor) ; Semerák, Vilém (referee)
This thesis analyses impact of exchange rate exposure in Czech Republic on sample of ten Czech companies. Empirical part of thesis builds on Nazl, Kar, Akel (2014) and through market-based approach states significant impact of exchange rate exposure for 40 % of companies. Higher robustness of results was achieved through improvements in the methodology which, contrary to related literature, eliminates endogeneity of market index through instrumental variable. Surprisingly, the correlations between exchange rates and stocks of Czech companies are positive. An alternative model considering ROA of individual companies as dependent variable was used to confirm these results. The resulting impact of exchange rate exposure of alternative model is opposite. This inconsistency of the results of both models is confusing. The sudden change in exchange rate policy of the Czech National Bank in November 2013 did not affect the sensitivity of the relationship between exchange rates and stocks. The reaction of stock market in November 2013 indicates that policy change made by CNB was not entirely expected. Contrary to the related literature, higher data aggregation decreases the significance of the exchange rate exposure, signifying higher ability of Czech companies to reduce exchange rate risk in longer...
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Empirical Analysis of the Impact of Crime on Property Prices in Prague
Šenfeld, Filip ; Komrska, Martin (advisor) ; Čermáková, Klára (referee)
This paper examines the impact of crime on the price of apartments in Prague via the method of hedonic prices. The main objective is to quantify this impact and evaluate how significant factor is the crime rate in the property market. Regression analysis brought paradoxical results. Regression parameters suggest, ceteris paribus, increase in prices of apartments depending on the increase in the index crime. Specifically, according to the regression parameter in the basic model, an increase in crime index by 1% increases housing prices by an average of 0.15 %. The inclusion of various types of crime into the model instead of the total crime and the use of instrumental variables extend the model for a more detailed analysis. The hypothesis of the negative impact of crime on the price of apartments is not on the basis of this analysis confirmed.
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